Pasadena has received the annual Community Economic Development Award (CEDA) for 2013, awarded by the Texas Economic Development Council (TEDC). This award recognizes excellence and the exceptional contributions of TEDC member cities toward the economic vitality of their communities and the State of Texas.

The city was selected from a pool of 39 applicants; nominees were then judged on five criteria: innovativeness, transferability, community commitment and leverage, measureable objectives, and ancillary benefits to the community.

Pasadena is being recognized for attracting Silver Eagle Distributors, the nation's largest Anheuser-Busch distributor and one of the largest Grupo Modelo distributors in the country. The company is building a $25 million project on nearly 50-acres at the Beltway at SH225.

The 400,000 sq. ft. facility is expected to be complete by the second quarter of 2014 and will serve as a distribution center for the broad portfolio of Silver Eagle Distributors’ brands and a storage facility for the distributor’s other locations. Once completed, the Pasadena distribution center will have the capacity to distribute six to eight million cases of product annually. Approximately 200 employees will office in the new facility.

“We are pleased that the Texas Economic Development Council recognizes the extraordinary efforts of the economic development team in our city,” Mayor Johnny Isbell said. “Attracting prominent and trusted businesses like Silver Eagle demonstrates that Pasadena is working hard to build a strong economic future.”

The award recognizes the work of the City’s economic development team, as well as many City departments and the Pasadena Second Century Corporation, who all played key roles in making the Silver Eagle project a reality.

“The board of the Pasadena Second Century Corporation couldn’t be more pleased that we could play a role in securing the economic future of the city of Pasadena,” stated board chairman, Roy Mease.

Paul Davis, Executive Director of the Pasadena Second Century Corporation and Director of Economic Development for the City of Pasadena, expressed his thanks to everyone involved.

“Mayor Isbell, the City of Pasadena, the Pasadena Second Century Corporation and our city departments went above and beyond all expectations to secure the Silver Eagle distribution center facility because they understood the economic significance of Silver Eagle’s presence in Pasadena and what it means to our community,” Davis said.

FEMA unveils higher flood insurance costs for risk-prone areas

Residents who have been following news about the National Flood Insurance Program already know that rate changes and higher costs have been anticipated for almost a year. Now, the Federal Emergency Management Administration (FEMA) has released a four-page document about what it could mean to you…and your wallet.

The genesis for the changes comes from heightened efforts on the part of the federal government to rein in spending that contributes to US budget deficits. Part of that effort has focused on eliminating subsidies for buildings that incur large, repetitive damage claims due to flooding or are located in flood-prone areas. By scaling back the subsidies, FEMA hopes to encourage effective flood remediation practices for existing buildings while discouraging new development in areas likely to see flood damage in the future.

What that means for those in special flood zones affected by the new criteria is a larger insurance bill starting this year, increasing until most subsidies have been eliminated. Discounts, lowered rates and grandfathered properties will all be affected; the changes include just about every property that has exposure to heightened flood risk. In our part of the Gulf Coast, that includes a lot of properties.

The full document is available here, but a just a quick survey of the high points will provide a clearer example of how wide-ranging these changes are.

From the FEMA document:

“The new rates will reflect the full flood risk of an insured building and some insurance subsidies and discounts will be phased-out and eventually eliminated. Rates on almost all buildings that are, or will be, in special flood hazard areas will be revised over time to reflect full flood risks. Based on various conditions set forth in the law, subsidies and grandfathered rates will be eliminated for most properties in the future.

Subsidies will be phased out for the following types of properties: non-primary residences, severe repetitive loss properties, business properties, and properties that have incurred flood-related damages where claims payments exceed the fair market value of the property. Policy rates will also increase based on one or all of the following circumstances:

After a change of ownership;

After there is a lapse in insurance coverage;

When a new or revised flood insurance rate map is issued; or

If there is substantial damage or improvement to a building.”

While currently subsidized properties that are non-primary residences will have the higher premiums phased in over four years, properties that are newly purchased will see the full risk rates applied immediately beginning later this year. Joining that group will be subsidized business properties, severe repetitive loss properties and properties with claim payments exceeding fair market value of the property.

Beginning in 2014, non-subsidized properties will see premiums increase. Even if your property is not subject to high-risk status today, any future flood zone remapping that includes it in such a zone will roll you into a higher premium classification. In cases where your property is in close proximity to a high-risk flood zone, FEMA suggests you consider enhancing your flood protection since you could be subject to the more stringent conditions if a remapping moves you into such an area.

There are a number of details and conditions that go into a determination of what you might face as a property owner when grappling with these new regulations, but the guidance provided by FEMA will provide a useful beginning.

Our Public Works Department, though its Environmental Services group, has accelerated their efforts to reach the public on the topic of flood insurance and repetitive flood loss issues for the past several years. Daya Dayananda, Pasadena’s Assistant Public Works Director, said encouraging residents and businesses to secure adequate flood insurance ahead of a predicted active hurricane season is their highest priority. “Despite these changes in flood insurance premiums, the protection it provides is crucial to avoiding catastrophic losses due to flooding.”

Another strategy that may help to soften future increases is that of accumulating a higher point total in FEMA’s Community Rating System (CRS), an integrated method of measuring each community’s efforts in adequately addressing flooding issues. Lower CRS scores translate into lower flood insurance premiums for residents. The City’s Floodplain Management Plan, as part of our CRS, was adopted by City Council resolution in November of 2010, an outgrowth of Pasadena’s resolve to minimize the cost and impact of flooding in our community.

With the new FEMA insurance guidance in place, the Environmental Group now looks to reach out to those involved in real estate as brokers, lenders or insurance agents to partner in client education and broader insurance coverage across our community.

“Once a hurricane enters the Gulf a lot of insurance options are off the table", Dayananda says. “Hurricane season is a lot less stressful when you have that policy in your pocket.”

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